Totalise vaporises workers – confirmed

Is this another company for the titsup.com file?

Update: AIM-listed Totalise has confirmed it has canned a "substantial" number of its workforce.

In a short statement the British ISP said: "Totalise has confirmed that, following an operational review, it has reduced its work force substantially, with the company now far more focused on its core businesses with proven income streams."

According to one source, the Leeds-based ISP laid off as many as 50 people today. It's understood Totalise employed around 110 people.

It hasn't been a good couple of days for Totalise. Earlier this week the ISP brushed off concerns that it was in financial trouble saying that its decision to call an extraordinary general meeting was merely a "technical accounting formality".

With today's announcement, it's clear the company does have financial problems. Until it makes a formal and open statement on the matter those fears will remain.